The average salary increment across sectors is projected at 10.3 per cent in financial year 2014-15, which is 0.3 per cent lower than the previous year (10.6 per cent), according to a recent survey by Deloitte.
"The increment levels this year are almost at the same levels like last year. The main reasons are lack of economic growth, and no significant movement of people. Also, inflation is not yet fully under control and there are other economic uncertainties," Deloitte Tohmatsu India Senior Director P Thiruvengadam said.
Companies from more than 18 sectors participated in the survey, including auto and auto components, banking, financial services and insurance (BFSI), chemical, consumer business, engineering and manufacturing, energy and natural resources, Hi-Tech, IT-enabled services, infrastructure and real estate among others.
The highest increment is expected in the pharmaceutical sector at 12.4 per cent and the lowest projection is observed in the retail sector at 9.1 per cent, Deloitte's 'Annual Compensation & Benefits Trends Survey India 2014' revealed.
The report further revealed that the average increment at clerical and junior management level is expected to be lower than the overall average increment at 10.3 per cent.
The retail sector is projected to have the lowest average increment at the clerical cadre at 8.6 per cent, it added. Meanwhile, the average increment at the top management level is significantly higher than the overall average increment.
The average increment at the top management level in the ITeS and pharmaceutical sector is significantly higher than other sectors, it pointed out.
